Rexford Buys Hotel Fullerton Site; Will Construct Industrial Facility
Cushman & Wakefield brokered the sale of the shuttered Hotel Fullerton property in Fullerton, CA that is being slated for industrial redevelopment. Rexford Industrial acquired the 7-acre site from Huoyen International, Inc. for $45 million.
Already zoned for industrial use, Rexford’s new 140,000-square-foot industrial building will be located just off the 91 Freeway, and is also convenient to other logistical routes including I-5 and the 57 Freeway.
Randy Ellison, Senior Director at Cushman & Wakefield’s Irvine office, represented both parties in the off-market transaction. Said Ellison, “This sale reflects the continued trend in Southern California of re-purposing properties that are in industrial zones but are not active industrial uses. In the current climate, industrial real estate has become recognized as a highest and best use option to certain select hotel and office properties situated on large sites.”
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.